Momentum monsters: Cramer’s favorite hyper-growth plays

It appears the stock market has shaken off the malaise of early 2014. On Monday the S&P 500 touched an all-time high with 9 out of 10 sectors posting gains during the session.

However, the advance is not without skeptics. Some investors have expressed concern that stocks may be overvalued, largely because recent economic data has failed to meet expectations.

Considering the environment, where should you put money to work?

"We've been here before," reminded Jim Cramer. And in this kind of environment "bulls often buy turbo-charged momentum stocks."

That is, when growth is hard to find, Cramer has found that bulls will reward stocks which are already growing with higher multiples, even if the valuations are already significant.

Therefore, Cramer believes a little over a dozen stocks warrant attention. They all are considered momentum stocks on Wall Street with significant growth potential.

However, they also have individual catalysts that could send shares higher, too. Following you'll find a list as well as a synopsis of Cramer's insights.

Adam Jeffery | CNBC

Amazon: "As long as Amazon sales keep growing, I don't think the Street will care about the lack of profits. At the end of the day this story's about revenue growth and I think Amazon can deliver," Cramer said.

Chipotle: Cramer likes Chipotle as a play on healthier eating. "It's all about how Chipotle's the polar opposite of a processed food company. Plus, the stock sells for just 43 times this year's earnings estimates, which makes it one of the cheaper momentum names on this list."

Google: "Google still has more fingers in more pies than any company I've ever seen: cell phones, PCs, search, advertising, telecommunications, wearables, cars, entertainment, you name it. Plus, there's the pending 2-for-1 split that should make the price seem less intimidating," Cramer said. And at 23 times earnings, you can make the argument that the momentum comes cheap, at least on a relative basis.

Facebook: "How much would advertisers pay for individual, targeted smart advertising to 1.2 billion people? I think the opportunity is worth a lot more than Facebook's $180 billion market cap," Cramer said. "Yes, it's that huge."

Michael Kors: "This has become the go-to momentum play for accessories and the high-end of retail," Cramer said. There's a scarcity of fast-growers that aren't tech stocks, and KORS can make any momentum fund look diversified," Cramer said. Just one word of caution, Cramer added that after the stock's recent run, it could pull back in the near-term before it goes higher.

Netflix: "Netflix is what I call an opportunity stock, meaning that the scale of the opportunity far outstrips the size of its market-cap. You can't judge the stock based on its plus-100 price to earnings multiple. Instead, look at the $26 billion market-cap and recognize that someone, maybe Google or Apple or Microsoft, would see its stock spike if it pays a 35% premium for Netflix," Cramer said.

Priceline.com: Cramer believes Priceline is a play on the future of travel with budget conscience businesses using the travel site to save money. "If Wall Streeters weren't such snobs, they'd recognize that Priceline is now the de facto way people travel," Cramer said. "And the stock trades at just 25 times earnings."

Regeneron: One of Cramer's four horsemen of biotech, Cramer calls Regeneron, "a total momentum name." He adds that "with a major blockbuster drug, Eylea, to combat macular degeneration and a potentially big cholesterol drug in the pipeline," Regeneron should generate momentum for some time to come.

SolarCity: "SolarCity is a one-stop shop for solar panels, including financing and installation," Cramer said. Cramer sees runway if for no other reason than, "The younger generation is clamoring for it."

Stratasys: "I've examined this group nine ways to Sunday, and Stratasys is the one to own," Cramer said. "It has the broadest product portfolio and it barely got dinged when 3D Systems lowered the boom on the whole industry recently."

Tesla: "There are no valuation parameters on this earth that can justify Tesla's $26 billion valuation," Cramer said, "but as any momentum player will tell you, "so what?" Cramer feels Tesla's electric cars could be a milestone for the auto industry; as significant as Henry Ford's Model T in the early 20th century.

Twitter: "Twitter has a singular concept. No one else has anything like it. It's a personalized news service and that's got appeal even to people who've never tweeted. That said, if you're buying the stock, you have to believe Twitter'sgoing to re-accelerate its sign-ups, because otherwise it will most certainly lose its momentum," Cramer said.

Under Armour: Cramer believes Under Armour is actually a stealth play on technology. That is, the company's special fabrics that keep you cool when it's hot and warm when it's cold are revolutionary. "I think this could be one of the great growth stocks of our era. Of course, with its stock trading at 62 times earnings, Under Armour better keep putting up terrific numbers like that last quarter," he added.

Workday: "I adore this company, yet the stock is priced for perfection, meaning everything needs to go right. That said, it probably will."

Yelp: "This company is totally in synch with the holy tech trinity of social, mobile and the cloud," Cramer said, as a kind of Yellow Pages for the modern age. "Regular, unpaid people write reviews and then Yelp's salesforce calls the entity being reviewed and solicits an ad. It's a naturally virtuous circle."